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Alamiya, a prominent live production and entertainment company in the Middle East, has announced its latest milestone in the industry – the acquisition of Lyra Pictures.
This partnership has been described as transformative, as it marks a significant step towards shaping the future of film production in the region by harnessing the combined strengths of Alamiya's vast resources and Lyra Pictures' innovative film development strategies.
Founded in the 1970’s, Alamiya was the first cinema and television studio to be established in the Kingdom in order to meet development requirements caused by the oil boom at the time, although the company later changed business direction due to the ban on cinemas.
Lyra Pictures, co-founded by a seasoned media entertainment executive, Wesam Kattan, and an experienced strategy and analytics management consultant, Bassma El-Afghani, has been on a mission to raise the bar in regional storytelling. Combining global best practices with intricate regional nuances, and fusing creativity with data-driven audience insights, the young company has been recognized as an early industry disruptor.
The strategic acquisition indicates a clear intent by Alamiya to reestablish its presence in this space and signifies not only a merger of businesses, but also a convergence of expertise and vision.
Sultan Al Muheisen, Chairman and CEO of Alamiya, commented, "This acquisition goes beyond business. It is about setting a precedent in the regional and local film industry. With Lyra Pictures under our wing, we combine traditional and modern film approaches to create something unique."
Wesam Kattan, Co-founder of Lyra Pictures, added, "Alamiya's scale and reach, paired with our story-first approach, will create a synergy that promises to introduce innovative strategies to storytelling in the Middle East. We're excited about what the future holds."
Through their collaboration, Alamiya and Lyra Pictures, are primed to deliver unprecedented cinematic experiences to audiences, blending world-class production facilities with a fresh and forward thinking approach to content creation. The move is poised to give rise to an innovative film studio located in the heart of the Kingdom, supporting the attraction of local talent and IP, while also facilitating opportunities for international productions in Saudi Arabia.
The unique partnership is set for an exciting journey, highlighting the nation's rapidly growing entertainment landscape, and assuring loyal fans that the future of entertainment in the region is exceptionally promising.
